TAT Technologies posts USD 1.0m of net income for Q2

Israeli aerospace and defense firm TAT Technologies Ltd (NASDAQ: TATT) said it had revenues of USD 21.9m for Q2 ´13 with a net income of USD 1.0m compared to revenues of USD 22.1m with a net loss of USD 4.2m for the three months ended June 30, 2012.

The net loss reported for Q2 ´12 was the result of a USD 1.0m impairment charge of goodwill in TAT´s OEM for Electric Motion Systems operating segment and a USD 3.3m impairment charge with respect to TAT´s investment in First Aviation Services Inc.

Excluding the impairment charges recorded in Q2 ´12, net income for the three months ended June 30, 2013 increased by USD 0.9m compared to the same period in 2012.

During Q2 ´13, revenues were impacted by the increase in revenues in the MRO Services for Aviation Components operating segment; the increase in revenues in the Heat Transfer Services and Products operating segment; similar revenues in the OEM of Heat Management Solutions operating segment; offset by the decrease in revenues in the OEM of Electric Motion Systems operating segment.

This decrease is a continuation of the decrease in revenues this segment had experienced during 2012 and 2011, TAT said.

For the six months ended June 30, 2013, TAT announced revenues of USD 43.4m with a net income of USD 2.7m compared to revenues of USD 42.8m with a net loss of USD 3.6m for the six months ended June 30, 2012.

The net loss reported for the six month period ended June 30, 2012 was the result of a USD 1.0m impairment charge of goodwill in TAT´s OEM for Electric Motion Systems operating segment and a USD 3.3m impairment charge with respect to TAT´s investment in FAvS.

Excluding the impairment charges recorded in the second quarter of 2012, net income for the six months ended June 30, 2013 increased by USD 2.0m compared to the same period in 2012.

Find out more at www.tat-technologies.com.

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